Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Beauty Cosmetic produces hair tonic through two manufacturing processes; Mixing and Packaging. Production begins in the Mixing Department where materials are added at the beginning

image text in transcribed

Beauty Cosmetic produces hair tonic through two manufacturing processes; Mixing and Packaging. Production begins in the Mixing Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. The company uses a weighted average process costing system to accumulate production and cost data. On 1 January 2022, the beginning work in process inventory consist of 13,000 units, which were 40% complete. The company incurred a total cost of RM255,575 and RM220,800 of which were materials costs. Cost and production data for the month of January are as follows: MaterialsaddedConversioncostsincurredUnitscompletedandtransferredoutinJanuaryUnitsinendingworkinprocesson31January(70%complete)RM309,450RM176,80026,2509,000 Required (a) Compute the physical units, equivalent units of production for materials and conversion costs in the Mixing Department for the month of January. Show all your workings. (b) Compute the costs assigned to the ending work in process inventory on 31 January. Show all your workings. (c) Compute the costs accounted for the month of January. Show all your working

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Agile Governance And Audit An Overview For Auditors And Agile Teams

Authors: Christopher Wright

1st Edition

184928587X, 978-1849285872

More Books

Students also viewed these Accounting questions

Question

Ensure continued excellence in people management.

Answered: 1 week ago

Question

Enhance the international team by recruiting the best people.

Answered: 1 week ago